Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,945/mo
Lowest payment- Down payment
- $107,657
- Funds due
- $118,965
- Interest + MI left
- $109,443
- First ends
- Mar 2051
Assumption
Assumption + second
$2,548/mo
+$603/mo- Down payment
- $32,657
- Funds due
- $45,252
- Interest + MI left
- $251,691
- First ends
- Mar 2051
New loan
New conventional
$2,832/mo
+$888/mo- Down payment
- $32,657
- Funds due
- $41,924
- Interest + MI left
- $443,206
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,243 | $217,243 | $292,243 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,016.86 | $1,016.86 | $2,023.43 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $177.35 | $177.35 | $58.45 |
| Taxes, insurance & HOA | $750.34 | $750.34 | $750.34 |
| Total housing payment | $1,944.55 | $2,548.02 | $2,832.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,657
Closing costs & prepaids$12,594
Usable credit−$0
Total buyer cash needed$45,252
Earnest money paid−$0
Remaining funds due$45,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,526.00
Initial HOA (3 months)$275.01
Prepaid interest, first (2 days)$32.26
Prepaid interest, second (2 days)$36.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 4 moOf the original 30-year loan at 2.710%
Interest already paid$36,008Through Nov 2026
Assumption only · ends Mar 2051$109,443
Assumption + second · ends Mar 2051, second Dec 2056$251,691
New conventional · ends Dec 2056$443,206